With the planned debut of RLUSD on Tuesday and Bitcoin breaking above the $107K price level for the first time, XRP skyrocketed to $2.60 resistance and eyes $4.
XRP XRP $2.95 24h volatility: 1.0% Market cap: $175.38 B Vol. 24h: $5.63 B , the third-largest digital asset by market capitalization, has surged 7.35% in the past 24 hours, rebounding from a daily low of $2.34 and claiming a 24-hour high of $2.59. The digital asset has a market cap of $147.07 billion at the time of writing as the altcoin trades at $2.57. The price surge for the cryptocurrency comes amid a broader market recovery as Bitcoin (BTC) claimed a new all-time high at $107K.
Prominent analyst Ali Martinez talked about the bullish potential of XRP, with the cryptocurrency possibly aiming for the $4 price level in a post on the social media platform X (formerly Twitter). It is important to note that the all-time high of the XRP token stands at $3.84, witnessed about seven years ago, and this year, the digital asset broke into an uptrend after years of bearish movement.
Martinez highlighted that if XRP breaks above the massive resistance that stands at $2.60, the possibility of the cryptocurrency claiming the $4 price level will skyrocket. Interestingly, last week, the analyst pointed out on X that the altcoin had formed a bullish flag with a target of $4. It seems that XRP is currently moving in accordance with the analyst’s expectations.
According to CoinMarketCap data, XRP is already up a substantial 15.81% in the last seven days while jumping 137.86% in the last 30 days. The cryptocurrency has printed a massive 317.23% in gains since December last year and now eyes a new all-time high. As reported earlier, Ripple’s much-awaited RLUSD stablecoin will make its debut on Tuesday, potentially pushing the altcoin’s price above $3.
Ahead of the RLUSD launch, the bid for the stablecoin has already reached 836 XRP, much higher than the intended 1 XRP. This surge indicates a significant demand for the stablecoin, and as per a report, Ripple Payments, a firm focused on cross-border transactions, will use RLUSD starting early next year, further pushing XRP Ledger higher.
XRP Onwards and Upwards?
The Relative Strength Index for the XRP price action reads a value of 68.73, which means that the bulls are overall in control of the digital asset’s price action, and the gradient of the line confirms that higher prices will be seen in the near future as the cryptocurrency attempts to enter the overbought region.
Source: TradingView
On the other hand, the MACD indicator shows that the XRP price action underwent a bearish divergence a few days ago, but now the signal line (red) and the MACD line (blue) are moving closer to each other, which suggests the possibility of a bullish divergence. The rising volumes also back the increasing demand for the cryptocurrency as the RLUSD debut approaches.
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